PAPETERIES PICHON : revenue, balance sheet and financial ratios

In 2025, PAPETERIES PICHON achieves revenue of 57.1 M€. Activity remains stable over the period (CAGR: -1.9%). Vs 2024: +3%. After deducting consumption (34.0 M€), gross margin stands at 23.1 M€, i.e. a rate of 40%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.6 M€, representing 4.6% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 407 k€, i.e. 0.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 13%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 67%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 256.25. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 5.9x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 88 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 70 days. The company must finance 18 days of gap between collections and payments. Inventory turnover is 76 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 166 days of revenue, i.e. 26.3 M€ to permanently finance. Over 2016-2025, WCR increased by +62%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of PAPETERIES PICHON is estimated at 6 937 986 € (range 3 132 515€ - 18 368 464€). With an EBITDA of 2 601 172€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.